Whitcoulls sold

WH Smith PLC has announced that it has reached an agreement with Pacific Equity Partners, a private equity group based in Sydney, to sell the ASPAC Retail business consisting of its retail businesses in Australia (Angus & Robertson), New Zealand (Whitcoulls) and Hong Kong but excluding the Singapore Airport operations, for A$115m (£47m) in cash.

The agreement is subject to the satisfaction of certain conditions precedent including financing, regulatory approvals and certain landlord consents.

If the conditions are satisfied, the price will represent a significant gain on the carrying value of assets and will result in an exceptional gain in the second half of the current financial year.

In the year to August 31 the ASPAC Retail business (excluding the Singapore Airport operations) generated £5m of operating profit and at 31 August 2003 had net assets of £28m.

The proceeds from disposal will be used for general corporate purposes.

     

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